201204388 - Laserfiche WebLink

Browse

20120438� All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee andlor as an additional loss payee. Lender shall have the right to hold the policies and renewal certif'icates. If Lender requires, Borrower shall prompfly give to Lender all receipts of paid premiums and renewal notices. ff Bonower obtains any form of +n�*a�p coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee andlor as an additionalloss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made prompfly by Borrower. Unless Lender and Borrower otherwise agree in writing aII�+ inc�ranSp proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restora.tion or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall ha.ve the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Properly to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken prompfly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such �nc,�*ansp proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. ff Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under 5ection 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any �n�*ansp proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the �nc�,�nsp proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupency. Borrower shall occupy, establish, and use the Properly as Borrower's principal residence within 60 da.ys after the execution of this Security Instrument and shall continue to occupy the Properiy as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservetion, M�intenance and Protection of the Property; Inspections. Borrower shall not destroy, da.mage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Properly, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condit�on. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If �nc�*ance or wndemnation proceeds are paid in connection with da.mage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Properly only if Lender has released proceeds for such purposes. Lender may disburse proceeds NEBRASKA-Single Famfly-FanNe Mae/Fraddla Mac UNIFORM INSTRUMENT VMP � Wolters Kluwar Financfal Servicea Form 3026 1/01 VMP8INE) (11061.00 Page 7 of 77